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NOW

ServiceNow, Inc.Close $87.05EOD only

Max Pain

$95.00

Next expiry May 15, 2026

Expected Move

±$3.17

3.6% from close

Price Gap

+7.95

Distance to max pain

IV Rank

High premium

P/C OI

0.79

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 13, 2026 close

End-of-day snapshot

This page reflects NOW options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 13, 2026 close

NOW Theta Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Theta Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.7% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

Avg IV 68.8% vs VIX 17.3 - elevated

Favorable?

Yes

Term structure: Front-end extremely high (1d call 143%), backwardated; longer-term ~60%

⚠️Extreme call skew from hedging demand

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+6.8M)

Gamma flip: ~$70.00 — Approx — based on put OI concentration of 16,313 (22.7% below spot)

OI concentrations: Max pain $94 (5/15); put OI heavy $85-$90

Verdict: Pinned to $94 with dealer gamma support; limited near-term risk

Premium Opportunities

Put credit spread

Sell 2026-06-05 $85.00/$81.00 put spread

Sell 30-delta put at $85, buy 18-delta put at $81; defined risk with high POP.

Credit: $1.01-$1.24

Max loss: $2.76

BE: $83.76

Mgmt: Close at 50% max gain or if spot breaks $85.

Iron condor

Sell 2026-06-05 $85.00/$81.00 put wing and $95.00/$101.00 call wing

Sell $85 put and $95 call, buy $81 put and $101 call; benefits from low realized volatility.

Credit: $2.34-$2.86

Max loss: $3.14

BE: 82.14 / 97.86

Mgmt: Adjust wings if implied vol spikes; take profit at 50% max gain.

Call credit spread

Sell 2026-06-05 $95.00/$101.00 call spread

Sell 40-delta call at $95, buy 25-delta call at $101; bearish on upside movement.

Credit: $1.33-$1.62

Max loss: $4.38

BE: $96.62

Mgmt: Exit if spot exceeds $94; manage gamma risk near expiry.

Risk Alerts

!Front-end IV spike implies large move risk

!Spot 3.7% below max pain adds downside pressure

How to Use These Reports

This theta reflects the market close on May 14, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.